By Ashish Tiwari<\/p>\n
\n July 31 (The Insurer) – Mapfre has agreed to acquire a 38.9% stake in Spanish insurtech Tuio, the companies said on Thursday, in a deal aimed at expanding the digital insurer’s business in Latin America and Europe.<\/p>\n
\n Mapfre will buy shares from Tuio’s existing shareholders and subscribe to a subsequent capital increase, the companies said. Financial terms were not disclosed.<\/p>\n
\n The transaction, which requires regulatory approvals, would help Tuio accelerate its expansion in markets where Mapfre already operates, according to the statement.<\/p>\n
\n Founded in Spain in 2021, Tuio sells insurance through a digital model that uses automation and artificial intelligence across all insurance processes. Last year it reported premiums of about \u008015m ($17.21m) and expects that figure to double this year, according to its chief executive, Juan Garc\u00eda.<\/p>\n
\n Tuio raised \u008015m in 2024 through equity and debt financing, attracting investors such as BlackRock and MassMutual Ventures. The company has said it expects to raise more capital in early 2027 to fund its international expansion.<\/p>\n
\n The company drew attention in February after launching an insurance app in ChatGPT that allows users to get home insurance quotes through a conversational interface. The launch contributed to a drop in brokerage shares, amid investor concerns that AI could transform insurance distribution. <\/p>\n
\n Garc\u00eda, in an interview with The Insurer TV earlier this month, played down fears that AI will quickly disintermediate commercial insurance brokers, arguing that personal lines intermediaries face a more immediate threat from large language models.<\/p>\n
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